To take back -- as in a seizure or foreclosure -- to satisfy the obligation to the seller, bank or finance company after the debtor defaults on his or her payments.
Regaining or retaking of possession of property when a purchaser or borrower defaults in making payments. Typically, a finance company may repossess goods sold on hire purchase or a mortgagee may repossess a borrower's property in order to sell it to meet outstanding payments due under a mortgage.
A lender exercises its power of sale and repossesses the property if the borrower has fallen behind significantly in mortgage repayments.
A creditor may repossess collateral any time the debtor defaults on the terms of the contract. In some cases, a creditor may repossess collateral without obtaining a writ from a state court. In other cases, a writ must be obtained before the collateral can be recovered by the creditor. Although the collateral has been repossessed by the creditor, the debtor may still be liable for any unpaid balance on the note.
When the mortgage lender takes away your home because you have fallen too far behind on your mortgage repayments. Sole Agent When a seller chooses only one Estate Agent to sell their home.
Process by which creditors can reclaim property from debtors.
When loans are in default the building society can repossess the house and sell it for what they can get to repay the debt.
The procedure in which a bank or lending institution takes property that has been pledged as collateral on a unpaid loan.
Taking physical possession of personal property collateral pledged to secure a defaulted loan.
When a repossession occurs a vehicle owner fails to make loan payments, and the financial institution holding the title takes possession of the vehicle.
(a.k.a. repo): Seizure of collateral securing a loan that is in default.
Lender repossesses your property or takes away ownership of the property, when you fail to pay him loan amount as per the set terms and conditions.
A situation in which a lessor reclaims and physically removes the leased equipment from the control of the lessee, usually as a result of payment default.
The legal procedure whereby a defaulting borrower has their interest in the property removed and is handed over to the party that holds the first charge for them to dispose of in order to recover the funds they are owed.
The act of a creditor regaining possession of an item sold to you.
the action of regaining possession (especially the seizure of collateral securing a loan that is in default)
Process by which a creditor with a loan secured on house or goods (e.g. car) can take possession if you do not maintain agreed payments.
To take goods back, usually because money is owing. This is normally carried out by repossession agents on behalf of a finance company or a trader.
After a borrower is significantly behind on payments, a creditor takes possession of property pledged as collateral on a loan contract to pay off the remaining loan amount.
If the borrow fails to keep up their mortgage payments, the lender can repossess the house and sell it at auction.
The legal process of a secured lender taking possession of a property which has been pledged for a loan, or a hire purchase company taking possession of the goods.
is where a lender will take property that has been taken as security for a loan. This will generally happen when the borrower has stopped repaying the debt (making payments). The lender can sell the property and the money obtained from the sale used to repay or reduce the debt.
Is when you car is taken away from you when you fail to make auto loan payments. We feature a section that offers tips on how to prevent repossession.
The taking of secured property by a creditor after the debtor defaults.
Repossession is the taking of property by a finance provider where the borrower has not fulfilled their obligations.
Repossession is when the lender takes back the vehicle that they financed because the borrower has not made payment or abided by the contract that was agreed upon.
This is the legal process by which a borrower who has defaulted on mortgage repayments has the property taken away from them. This usually involves a forced sale of the property at public auction.
This is when a borrower fails to pay back their loan in accordance with the terms and conditions of their loan and the lender takes legal ownership of the property.
Taking possession of property that was earlier sold on an installment contract because the buyer defaults on payment of the debt.
The situation where a lender takes physical posession of a vehicle do to the loan not being paid.
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
If a borrower defaults on their mortgage payments, the lender can deprive the borrower of their ownership of the property. The lender will then force the sale of the property in order to recoup the money it had loaned on the mortgage
The process of taking back equipment that is pledged as security to the lessor, due to non-payment or other contractual breech by the lessee.
The process of a lender or his agent taking back items that were bought on credit or were pledged as collateral for a loan from a borrower who has fallen behind on loan payments.
The legal process by which a borrower is deprived of his/her interest in the mortgaged property as a result of default. This usually involves a sale of the property.
A creditor's taking of property that has been pledged as collateral for a loan.
The taking of property by a finance provider where the borrower has not fulfilled their obligations eg: non-payment• Consumer Credit
A right, under contract, to take back property when the debt to pay for the property has not been paid.
If you fail to pay due payments the creditor can claim repossession of it. For example, if you fail to pay back the mortgage you took to buy a house, your bank can claim the house.
If someone defaults on a loan the creditor can take that item back since the product was never actually "owned" by the consumer in the first place.
The situation where a lender or other party holding a valid lien on an automobile takes physical possession of that automobile due to default.
Legal process by which the lender forces the sale of a property because the borrower has not met the mortgage terms.
When a debtor fails to make payments on a secured loan the creditor may take the item(s) used as security and apply towards payment of the debt.
This is when a borrower fails to pay back their loan in accordance with the Terms and Conditions of that loan and the lender exercises their legal charge over the borrower's property by taking legal ownership.
A collection procedure to take back security such as a car or equipment to satisfy a defaulted loan.
Due to a default on or failure to pay the loan, the lender, or someone acting on the lender's behalf, takes possession of the vehicle.
Once in default, as defined by the creditor in the security agreement, occurs, the creditor can: repossess the collateral by self-help (depending on state law) or with the aid of a court order, dispose of the collateral by public or private foreclosure sale, retain the collateral in satisfaction of the debt, terminate the debtor's right of redemption, add the costs of repossession and foreclosure to the unpaid balance of the debt, and pursue the debtor for any remaining unpaid balance or deficiency.
when a creditor seizes property used as collateral for an unpaid debt.
When a vehicle owner fails to make payments on a loan, the financial institution will take possession of the vehicle.
The act of a self-help recovery of collateral by a lender or owned property by a lessor without judicial assistance.
Usually occurs after a borrower seriously defaults on payments. The lender then legally evicts the borrower and usually auctions the property to recover losses. alary The money you receive from your employment. Commission, overtime and bonuses are not normally considered as part of your gross income by the lender, unless you receive them at a guaranteed level. Any supplementary payment that is not guaranteed but which can be shown to remain above a certain level over a period of time can sometimes be taken into account, though many lenders will only incorporate a portion of this money into the calculation.
To reclaim possession of a timeshare for failure to pay the maintenance fees or the underlying loan.
Act of reclaiming durable goods purchased on credit, for which payment is past due.
When you fail to keep up with repayments on a mortgage or remortgage, a lender can take possession of your home and sell it to recover the debt owed.
If you default on your mortgage, your lender will repossess your home and sell it to get their money back.
The legal process by which a borrower in default is deprived of their interest in a property. The process usually means the property is sold or auctioned off with the proceeds going to the lender.
To reclaim possession of for failure to pay installments due.
A right reserved by the seller in the supply contract or terms and conditions of business whereby the seller can (peacefully) enter premises and reclaim goods under certain stated circumstances.
If a borrower stops making payments on a property, the lender has the legal right to take back the property.
A lender may be able to claim or take possession of any property, assets or investments that have been provided as security for the repayment of a loan in circumstances where the borrower cannot repay the loan.
Taking back property. Used when a borrower fails to pay as agreed.
A creditor's taking possession of property pledged as collateral on a loan contract on which a borrower has fallen significantly behind in payments.
is what happens if you cannot keep up with the repayment schedule and the lender enforces the security over the property that you gave to them in the form of a mortgage.
When a borrower fails to pay back their loan in accordance with its terms and conditions, the lender can exercise their legal right to take ownership of the property.
The taking back of property after a borrower has stopped making payments.
Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction. Note that repossession is a "self-help" type of action in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. This is usually done in accordance with a purchase contract or credit contract, in which the consumer agrees that the seller (the "lienholder") may repossess the object if the signers are past the grace period (generally for prime lenders the critical number is 30 days late making an installment payment but can vary based on how many payments have already been made, the length of the business relationship, reason why past due, etc.)